Standard Chartered Bank Uganda has completed the sale of its Wealth and Retail Banking business to Absa Bank Uganda, ending its direct involvement in consumer banking in the country after 114 years.
The transfer, which took effect on November 13, 2026, follows regulatory approvals and a transition process involving the two financial institutions.
Under the transaction, Absa takes over Standard Chartered’s retail and wealth banking customers, products, banking solutions and associated operations, while Standard Chartered will retain its Corporate and Investment Banking business serving businesses and institutional clients.
In a statement, Standard Chartered Uganda confirmed that it had completed the sale and transfer of its Wealth and Retail Banking (WRB) business to Absa.
“Standard Chartered Uganda has completed the sale and transfer of its Wealth and Retail Banking (WRB) business to Absa Bank Uganda, effective 13 November 2026, following the necessary regulatory approvals and completion of the transition process,” the bank said.
Absa Uganda Chief Executive Officer David A. Wandera also confirmed the completion of the acquisition, saying the transaction brings Standard Chartered’s retail customers, products and banking solutions into Absa’s operations.
“We have formally completed the acquisition of Standard Chartered Bank Uganda’s Wealth and Retail Banking business, bringing its customers, products and banking solutions into Absa Uganda,” Wandera said.
The transfer of customer accounts began on November 13, with the final migration and integration of banking services scheduled to take place over the November 13–15 weekend.
Customers are expected to access their Absa accounts, services and banking channels from Monday, November 16, 2026.
Wandera said teams from both banks were working to complete the migration and would remain available through their official communication channels to assist customers and address concerns arising during the transition.
“As we support our new customers through this transition, our priority stays around the maintenance of the valuable banking relationships built,” he said.
The transaction marks a significant change in Uganda’s banking sector, bringing Standard Chartered’s retail and wealth management portfolio under Absa while allowing the British multinational to concentrate on corporate and institutional banking.
Standard Chartered, which has operated in Uganda for more than a century, has been among the country’s longstanding financial institutions, serving individuals, businesses and large corporate clients.
The latest transaction does not mean the bank is leaving Uganda entirely. Its Corporate and Investment Banking operations will continue serving corporate customers and institutions.
For Absa, the acquisition expands its customer base and retail banking operations, bringing additional customers and banking products into its existing network.
Both institutions have said their teams will support customers during the account migration and integration process.